West Texas Intermediate futures for January delivery climbed to $43.07 (+0.47%), while Brent crude advanced to $46.48 (+0.78%) after Turkey shot down a Russian warplane on the border of Syria. Turkey claims the plane strayed in its airspace and that it received several warnings, while Russia insists its plane was inside Syrian territory.

Russian President Vladimir Putin warned of consequences to this "stab in the back". Turkey imports more than 90% of its oil and gas (the latter comes mostly from Russia). However around two million barrels of Russian crude out of over seven million barrels produced daily pass through the Bosphorus and Dardanelles, which are controlled by Turkey.

Investors are also waiting for new data on U.S. crude oil inventories due later today and preparing for OPEC meeting on December 4.